The global frozen food market is projected to grow at a compound annual growth rate of 4% between 2015 and 2019, according to a report by Technavio, as nearly 8 out of 10 consumers in Europe, for example, consider frozen food an excellent option when they are too busy to cook from scratch.
“The rise in product innovations in this market is also expected to contribute to the market growth during the forecast period. Producers, globally, are innovating in terms of product formulations and packaging to keep the frozen food fresh. Organic and natural frozen food have also gained momentum in the market among cost and health-conscious consumers. For instance, Atkins Nutritionals launched 20 frozen meals products such as teriyaki beef stir-fry, meatloaf with portobello mushroom gravy, etc. to suit the consumers’ needs and diet,” Technavio says.
Region-wise, Europe continues to dominate the market, with a share close to 35%, with Germany remaining the region’s leading country in terms of frozen food consumption. Moreover, Technavio expects the market in this region to reach a value of USD95bn by the end of 2019.
“The global frozen food market is highly fragmented due to the presence of numerous small and large producers, while hypermarkets and supermarkets account for approximately 74% of the market share,” states the Technavio report.
